In May 2025, national active housing inventory was up 32% from the previous year, nearing pre-pandemic levels. Despite the overall inventory increase, certain regions, especially in the Northeast and Midwest, still show a significant shortage compared to May 2019. These regions, less dependent on pandemic migration and buoyed by limited new construction, have kept inventory low, giving home sellers more power. Notably, 32 out of 200 major markets had at least 50% less inventory than pre-pandemic levels, showcasing a stark contrast with other areas experiencing inventory surpluses.
Among the nation's 200 largest metro area housing markets, 32 markets at the end of May 2025 still had at least 50% less active inventory than in May 2019.
Many of those tight markets are in the Northeast, in particular, in states like New Jersey and Connecticut, where inventory remains lower than pre-pandemic levels.
Unlike the Sun Belt, many markets in the Northeast and Midwest were less reliant on pandemic-era migration, resulting in tighter active inventory.
Active inventory in many Northeast and Midwest housing markets has remained relatively tight, maintaining a seller's advantage heading into spring 2025.
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